HUDSON COMPANIES CLOSE ON MIXED-INCOME APARTMENTS IN CROWN HEIGHTS BROOKLYN
975 Nostrand will include 328 mixed-income apartments, a brand-new space for a supermarket, a community facility space, and neighborhood retail space
BROOKLYN, (March 25, 2024) The Hudson Companies today closed on $135 million in financing for a mixed-use project that will transform the site of a former Associated Supermarket with a large surface parking lot into much-needed housing, a brand-new space for the supermarket, a community facility, and additional neighborhood retail in Brooklyn. Financing was provided by Santander and Related and brokered by Gideon Gil, Zachary Kraft, and Sebastian Sanchez from Cushman & Wakefield’s Equity, Debt, and Structured Finance team.
Located at the intersection of Crown Heights and Prospect Lefferts Gardens, 975 Nostrand will include 328 high-quality homes, with 30 percent of apartments set aside for families earning up to 130 percent of AMI. Construction began on the nine-story building in August 2022 and is expected to be complete by Fall 2025.
“At Hudson, we are committed to building quality homes for all residents across the city,” said Marlee Busching-Truscott, Managing Director of Development at Hudson Companies. “We’re thrilled to deliver 328 new apartments, a modern space for a beloved neighborhood supermarket, a community facility, and retail space right in the heart of Crown Heights.
The project will offer residents access to an array of amenities, including an attended lobby, a fitness center with a yoga room, a karaoke room, a game room, a party and media lounge, community garden spaces, a library, a children’s room, a landscaped courtyard with various outdoor spaces, a bike room and an underground parking garage. The same operator of the former supermarket will manage the new store, which will be part of the NYC FRESH program to provide access to a range of fresh meat, fruit, and vegetables to all consumers in the neighborhood. Sustainability is at the heart of the design which has targeted LEED Gold and EnergyStar standards and includes solar panels and participation in the ConEd Clean Heat program.
The development is conveniently located two blocks from the Sterling Street subway station, serviced by the 2 and 5 trains.
About Hudson Companies
At Hudson, we develop housing for everyone. From townhouses to high rises, and gut rehabilitation of warehouses to modest renovations of 100-year-old walk-ups, we have touched all housing typologies. Our collaborative team is guided by entrepreneurial vigor, civic spirit, and deep expertise. We are fully integrated, having close affiliates that handle property management and leasing, Lisa Management, general contracting construction services, and Broadway Builders, a WBE firm. Our team is diverse, and our motivations arise from varied personal and professional experiences, but our crucial commonality is a desire to thoughtfully add to New York’s great blocks and boroughs. Hudson has completed over 8,000 residential units, with almost 7,000 more in the pipeline. https://www.hudsoninc.com/
